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Karachi, Bank Alfalah Limited, a leading financial institution, has announced its plan to withhold the payment of Interim Cash Dividend for the second quarter and half-year ended June 30, 2023. The Board of Directors, in a meeting held on August 10, 2023, recommended an Interim Cash Dividend of Rs. 3/- per share (equivalent to 30%).
According to the provisions of the Companies Act, 2017, the cash dividend is set to be directly credited to the bank accounts of eligible shareholders whose names are registered in the members’ record by the close of business on August 22, 2023.
However, in compliance with the Companies (Distribution of Dividends) Regulations, 2017, Bank Alfalah will hold back the cash dividend payment for shareholders who have not provided their valid and complete National Identity Card (CNIC) and International Bank Account Number (IBAN) details. The bank has communicated with these shareholders, urging them to promptly submit the necessary information.
Bank Alfalah is taking this measure to enhance transparency and ensure accurate disbursal of dividends. Once the required CNIC and IBAN information is received, the withheld dividend amount will be electronically released within 15 days. Shareholders are requested to submit their information along with legible copies of valid CNIC to facilitate the swift processing of dividends.
This proactive step by Bank Alfalah showcases its commitment to adhering to regulatory standards and ensuring fair and equitable distribution of dividends among entitled shareholders. By addressing the missing CNIC and IBAN details, the bank aims to provide a seamless experience for its shareholders while upholding corporate governance practices.
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